World leaders will gather in Cornwall for the first in-person G7 meeting for nearly two years. Reuters.
World leaders will gather in Cornwall for the first in-person G7 meeting for nearly two years. Reuters.
World leaders will gather in Cornwall for the first in-person G7 meeting for nearly two years. Reuters.
World leaders will gather in Cornwall for the first in-person G7 meeting for nearly two years. Reuters.

Britain invites G7 leaders to Cornish resort for June summit


Neil Murphy
  • English
  • Arabic

Britain announced plans to hold the first in-person meeting of the G7 for nearly two years in June, inviting the leaders of major developed economies to a picturesque seaside village to discuss climate change and rebuilding after the pandemic.

UK Prime Minister Boris Johnson said he wanted to use Britain's presidency of the G7 to forge a consensus that the global economy must recover from the Covid-19 crisis in a pro-free trade and sustainable way.

"Coronavirus is doubtless the most destructive force we have seen for generations and the greatest test of the modern world order we have experienced," he said.

"It is only right that we approach the challenge of building back better by uniting with a spirit of openness to create a better future."

The leaders last met in-person at a summit in Biarritz, southern France, in August 2019. Reuters
The leaders last met in-person at a summit in Biarritz, southern France, in August 2019. Reuters

Last year's G7 meeting, due to be hosted by US President Donald Trump, was cancelled because of the pandemic, meaning the leaders of Britain, Germany, France, the US, Italy, Japan, the EU and Canada have not met in person since the 2019 summit in Biarritz, France.

The Sunday Telegraph said the British government hoped the event would mark Joe Biden's first trip to Europe after he becomes US president on January 20.

"I don't think he will visit anywhere else before the G7, except possibly Canada," the newspaper quoted a British government source as saying.

Mr Johnson has also invited Australia, India and South Korea to attend.

The summit will take place in the tiny resort of Carbis Bay in Cornwall, south-west England. It is an area most famous for its beaches and surfing, but is also home to fishing fleets and was once an important mining area.

"Two hundred years ago Cornwall's tin and copper mines were at the heart of the UK's Industrial Revolution and this summer Cornwall will again be the nucleus of great global change and advancement," Mr Johnson said.

Previous men's records
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  • 2:03:38: Patrick Makau (KEN) on 25/09/2011 in Berlin
  • 2:03:59: Haile Gebreselassie (ETH) on 28/09/2008 in Berlin
  • 2:04:26: Haile Gebreselassie (ETH) on 30/09/2007 in Berlin
  • 2:04:55: Paul Tergat (KEN) on 28/09/2003 in Berlin
  • 2:05:38: Khalid Khannouchi (USA) 14/04/2002 in London
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  • 2:06:05: Ronaldo da Costa (BRA) 20/09/1998 in Berlin
UAE currency: the story behind the money in your pockets
Labour dispute

The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.


- Abdullah Ishnaneh, Partner, BSA Law 

Ten tax points to be aware of in 2026

1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption. 

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks. 

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

5. Greater emphasis on statutory audit

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes. 

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion. 

8. Pillar 2 implementation 

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations. 

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity. 

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

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